By Kisho Kumari Sucedaram

KUALA LUMPUR, Dec 8 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives ended higher today with six lots worth RM428,784 traded.

Phillip Capital Sdn Bhd dealer Liou Xin Hui said COMEX Gold prices were stuck in a tight range on Thursday as market participants awaited further direction on United States rate hikes from the Federal Reserve meeting next week.

“Gold is traditionally considered an inflation hedge and safe investment during economic and geopolitical turmoil,” she told Bernama.

 However, she added that high interest rates increase the opportunity cost of holding gold as it yields no interest.

At the close, futures contract for spot month December 2022 stood at US$1,786.60 per troy ounce, while January 2023, February 2023, March 2023, April 2023 and June 2023 all stood at US$1,790.30 per troy ounce.

The price of physical gold stood at US$1,782.20 per troy ounce as published by the London Bullion Market Association PM fix on Dec 7, 2022.

-- BERNAMA